The $74 million plan by two former Uniswap Lab executives for any new Uniswap Foundation just become reality after their proposal received over 99% from the votes from UNI token holders.
Based on the initial proposal, the building blocks aims to streamline Uniswap’s Grant Program (UPG) and lower friction within the protocol’s governance system.
Former Uniswap Labs executive Devin Walsh, now becoming executive director of UF shared the produces a tweet on August. 24, noting the proposal to produce the building blocks “passed its final election!”
Yesterday our proposal to produce the Uniswap Foundation passed its final election!
— Devin Walsh (@devinawalsh) August 24, 2022
Based on the Uniswap website, the building blocks saw greater than 86 million, or 99% of total votes in support of the proposal, with simply 770 votes against it. The votes for come regardless of the initial proposal seeing mixed community reaction when it was initially announced on August. 5.
The voting period began on August. 17, and it was stop at 2:19 pm GMT +10 deadline on August. 24. The votes were conducted on Uniswap’s application, with voters requiring to carry the UNI token to be able to election. For that election to pass through, a threshold of 40 million votes was must be cast in support of the UF.
Walsh stated the UF has “hit the floor running” on its top priorities, including interviewing “gifted, values-aligned candidates” to participate they, scaling in the UPG and “reinvigorating governance.”
Based on the Uniswap Foundation’s job board, employees they are searching to hire include Community Lead, Partnerships Lead, Governance Lead, Grants Analyst and Leads, Communications and Finance Leads, and Developer Relations and Protocol Leads.
Decentralized or otherwise?
But regardless of the votes being cast heavily in support of the UF, some on Twitter have asked just how much control the city really is wearing Uniswap decisions.
Chainlink Community Ambassador “ChainLinkGod,” that has 150,200 supporters on Twitter, mentioned that Uniswap’s decentralized autonomous organization (DAO) should “determine how funds elevated are used” as opposed to a centralized foundation.
The Uniswap DAO is another joke when it comes to decentralization theater, doesn’t exactly strengthen your argument here, but a minimum of they control $3.6B in UNI (largest DAO by AUM)
Typically it’s the role of the DAO figure out how funds elevated are utilized, not really a centralized foundation
— ChainLinkGod.eth (@ChainLinkGod) August 20, 2022
Another community member recommended that the voting effects were “whale run”, using the top 20 addresses voting with 81.57 million, or 99.7% of tokens accustomed to election within the proposal.
Uniswap has past passing fairly unanimous proposals. Today the city dicated to pay a US$ 74mn expense to produce the Uniswap Foundation (UF).
But….US$ 74mn quite a bit of money…and it was it truly the city that voted this in?https://t.co/BeavvElVK3
— Ishita Srivastava (@ishita7077) August 24, 2022
Walsh, together with now Mind of Operations Ken Ng intentions of building out a group of 12 and also have requested $74 million in the Uniswap decentralized autonomous organization (DAO) treasury, which presently holds over $3 billion price of UNI tokens.
From the $74 million, the UF intentions of disbursing $60 million towards the Uniswap Grant Program (UGP) and also the remaining $14 million to pay for the operating budget.
Uniswap may be the world’s largest decentralized exchange (DEX) by buying and selling volume. Since Uniswap’s beginning in November. 2018, the protocol has supported greater than $1 trillion in cumulative volume, using its daily volume frequently competing with this of centralized exchange Coinbase.
